Home Equity Loans Means | Personal Finance Blogs | MySureFinance

Can i obtain a home equity loan if my baptize is on the title?
My husband and i bought a house one year ago. I was on maternity hand down so they could not put me on the loan, but i am on the title. my husband will be out of the country for a long time, i wanted to know?

Can I own 2 home equity loan on indistinguishable property?
Does the possession upside down mean anything to you? I agree with Drew on this one. You can have as many loans on a property as you want, as long as the lenders don?t hold a problem with you exceeding your LTV (Loan to value) ratio. For?

Can I payment sour a SECOND mortgage beside a Home Equity Loan or HELOC?
I understand the notion of paying down or off a big interest and/or low balance first mortgage with a Home Equity. Can I use a 90% or 100% HELOC to reimburse off my SECOND mortgage? If you can possibly qualify, yes you can. You are?

Can I pilfer out a home equity loan if I enjoy no credit and no employment?
My dad passed when I was 19 and let me some money I invested it contained by a home believing this to be a wise decision at the time.I figure I would be able to find a decent available job, but all I find is?

Can i prompt creation my girlfreind onto my home so she can take an equity loan?
i have poor credit she has worthy credit I would be very careful going on for this. You are not married, by signing this over to her you give up all rights to this property. I would also really deliberate about a home equity?

Can i purchase a house on a credit card and later apply to my wall for a home equity loan on that property?
im almost positive that you cant spend that much on a credit card without maxing it out. if the hawker would accept credit card payment i dont see why not but if you hold that much credit?

Can I remortgage a home bought using a home equity loan?
I am about to purchase a foreclosure home. The bank will not adopt financing and want the money outright. My parents are helping me by lending me the amount. They are taking out a home equity loan on their house and giving the money to me. Is there anyway I?

Can I retribution bad my ,000 credit card debt next to a home equity loan? Is that a dutiful entity to do?
I have about k surrounded by credit card debt which accumulated from furnishing a new house 4 years ago and have two children. I have k in equity within my home (married a builder,lol). I?m tired?

Can i return with a 30 year fixed home equity loan??
how many years do you get to take-home pay back a home equity loan?? laws vary from state to state. but home equity loans are revolving loans. they are not fixed at adjectives. A mortgage is the only thing That can hold fixed note attached to the deed of?

Can I run out a home equity loan, and can I singular discharge interest on it?
My husband and I bought our home 10 years ago for 0,000. It is currently valued at 0,000, and we have payed our mortgage down to 0,000. We also have excellent credit. We would close to to take some money out to do?

Can i seperate my home equity loan and my mortgage on my home?
we own a home in another state and a few years ago we took out a home equity loan. now the house have plumetted in value and we hold a hard time paying for it or renting it out and were wondering if we could separate the?

Frequently Asked Questions

1. QUESTION:
   How tax deductible are charitable donations and home equity loans?
   When they say donations and home equity loans are tax deductible, what does this mean? Does a 00 donation mean 00 less federal income tax? Does 00 paid in interest on a home equity loan mean 00 less federal income tax?

   • ANSWER:
     No, these become part of your Itemized Deductions if you plan to itemize. The Itemized Deductions reduce your taxable income, which in turn decreases the amount of tax you would owe.

     For example (all hypothetical numbers), if your gross income 20,000 and your itemized deductions are 6,000, then your taxable income becomes 14,000. And the tax is calculated off 14,000. (Of course there is still an exemption to account for, but that?s not what we are talking about).

     Tax credits reduce your amount of tax directly. Deductions reduce your income. I hope this all makes sense.

2. QUESTION:
   What does the terms Principal , Interest , Point , Equity mean referring to home loans?
   Home Loans Terms : Principal , Interest , Point , Equity . What do these terms mean

   • ANSWER:
     Home equity plans typically involve variable interest rates rather than fixed rates. A variable rate must be based on a publicly available index (such as the prime rate published in some major daily newspapers or a U.S. Treasury bill rate); the interest rate will change, mirroring fluctuations in the index. To figure the interest rate that you will pay, most lenders add a margin, such as 2 percentage points, to the index value. Because the cost of borrowing is tied directly to the index rate, it is important to find out what index and margin each lender uses, how often the index changes, and how high it has risen in the past.

     Sometimes lenders advertise a temporarily discounted rate for home equity lines ? a rate that is unusually low and often lasts only for an introductory period, such as six months.

     Variable rate plans secured by a dwelling may have a ceiling (or cap) on how high your interest rate can climb over the life of the plan. Some variable-rate plans limit how much your payment may increase, and also how low your interest rate may fall if interest rates drop.

     Some lenders may permit you to convert a variable rate to a fixed interest rate during the life of the plan, or to convert all or a portion of your line to a fixed-term installment loan.

     Agreements generally will permit the lender to freeze or reduce your credit line under certain circumstances. For example, some variable-rate plans may not allow you to get additional funds during any period the interest rate reaches the cap.

3. QUESTION:
   home equity loans/second mortgage and foreclosure?
   Does anyone know the actual laws about this? If you lose your home to foreclosure, and you have a home equity loan, I mean obviously you should still continue to pay. But I?ve gotten mixed opinions on this and just wondering? are you completely and legally still obligated to pay that off or since they have lost their security can you safely/legally just let it go? This is not in my nature but well we?re about to lose our home, and money is insanely tight (that loan was to do work on the house we?re losing) so as HORRIBLE as it sounds I?m wondering if we have an option to let that go with the home so we can start to build up an emergency savings account (as we have 0 in savings right now.)
   no we have no options, we are way too far behind, and we do not have the means to pay for a mortgage and rent in another place (we?re Military) our only luck would be it selling, but well clearly that isn?t happening. we accepted a long time ago that this could happen I just want to know about that other loan.
   yep but we can?t pay back money we don?t have. we do have it listed for sale, it has been for almost a year! We?ve lowered the asking price drastically. All I want to know is what happens leagally if we decide to let the second loan go with the foreclosure? I haven?t decided 100% if we?d do that but I just w
   yep but we can?t pay back money we don?t have. we do have it listed for sale, it has been for almost a year! We?ve lowered the asking price drastically. All I want to know is what happens leagally if we decide to let the second loan go with the foreclosure? I haven?t decided 100% if we?d do that but I just want to know what our options are and what our obligations would be legally. re: taxes, laws, anything.

   • ANSWER:
     if you have PMI, then get your house on the market and start talks with the second mortgage company ? (they usually won?t work with you unless you are trying to sell it)

     your best bet is to try and do a deed in lieu with the second mortgage company, then they get the proceeds from the foreclosure sale and the primary company gets the money from the PMI

     if you do not have private mortgage insurance on the first loan and you cannot sell the home for what you have in it, then you should consider consultation with an attorney ? a short sale may be possible if both banking institutions agree to it, but you?ll need an attorney?s advice on that one ?

     also ? if you are going to try for an apartment after this, you should get the application approved before the mortgage issues show up on your credit report ?

4. QUESTION:
   home equity loans?
   I have been approved for a home loan. I found a house that they are asking 9,000 for and I just made an offer of 0,000 hoping I can get a steal because of the way the market is down and continuing to go down. The house is currently worth 8,000 according to the appraisal. I?m pretty sure the bank is going to let it go to me for my offer, so that would mean the minute the doc?s are signed, I just got a house with 8,000 in equity in it. I plan to pay off both my cars and some credit cards using a home equity loan or line of credit, so that I only have the house payment to pay. How soon after I buy the house, can I be approved for one of these and what does it take to get qualified,. i.e credit score, equity, etc.

   • ANSWER:
     Theoretically, you can refinance the day you close on the property. However, the numbers don?t work. You state ?I?m pretty sure the bank is going to let it go to me for my offer??. Is the bank the owner, or is this predicated on a ?short sale?? If true market value is 8,000, why wouldn?t you (or someone else) grab the 9,000 in ?equity? currently offered? Obviously, the house currently isn?t worth 9,000, much less 8,000. The list price is likely a matter of record and the sales price definitely will be. When appraised for your refinance, the appraisal will have to display sales for the property within the past 3 years and listings within the past 1 year. This will have to be reconciled to the market. If the market is truly continuing to decline, and in some cases even flat, a considerable number of lenders now require the appraiser provide at least 2 listing and/or pending sales to support market trends. You may get a great deal, but it doesn?t appear you?ll get a great deal of equity at closing. Best of luck.

5. QUESTION:
   Is it futile to search for lenders that do ?true? Debt Consolidation LOANS??
   I have been searching for almost two months to no avail. Are there no legitimate lenders that perform Debt Consolidation Loans? I am not looking for a Home Equity Loan, I mean a loan to ?replace? my high interest loans and credit cards with one affordable monthly payment?

   • ANSWER:
     If you?ve dealt with the spending problem that got you in the mess and been able to reduce your expense to the point at which you are already reducing your debt then you should start looking at debt consolidation.

     You really should ask your bank and see what they can provide, a personal loan or home equity loan (if you?ve got a home) might end up being a better solution than the high interest loans and credit cards that you?ve got right now.

     Though it?s important that you have your spending under control, if you don?t then all you?ll end up doing if you role your loans into one new loan is opening up more credit for you to then abuse (you can?t borrow your way out of debt).

Source: http://mysurefinance.com/home-equity-loans-means/

texas longhorns texas longhorns cardinals oklahoma state football oklahoma state football colt mccoy case mccoy